• Broader US stock indices fight for a positive week with less than an hour to go
• Crude oil futures and settle at $76.84
• Key events and releases for next week’s trading
• In the future you will vote for who can keep the lights on
• Baker Hughes US oil rig count +3
• European equity close: The week finishes much better than it began
• US dollar sees some selling pressure as yields sag
• Atlantic disturbance set to grow in the week ahead as NOAA continues to see busy season
• Kickstart the FX trading day for Aug. 9 w/a technical look at the EURUSD, USDJPY & GBPUSD
• BofA: What we expect from next week’s US July inflation print
• Canada July employment change -2.8K vs +22.5K expected
• The CHF is the strongest and the AUD is the weakest as the NA session begins
• About that 75 basis point emergency cut…
• Forexlive European FX news wrap 9 Aug – The risk sentiment remains positive

It seems like ages ago, but on Monday, it seemed like markets were on the precipice. The Japan’s Nikkei 225 index on Monday fell -12.4% and analysts were figuring out where the circuit breakers would be. There were chatter on how the Fed needed to have an emergency meeting and cut rates by 75 basis points. The market priced in with 100% certainty 50 basis point cuts in September and November. Yields fell sharply.

However services ISM data didn’t come in as week, and the markets settled. By the end of the week, the flow of funds in the Forex market reversed their risk on/risk off trends. US yields erased the declines and moved higher. The US stock markets nearly erased over 3% declines in the S&P and Nasdaq indices with each closing just marginally lower.

In trading today, the USD closed mixed with gains vs the AUD and NZD and declines vs the JPY, GBP and CHF . The greenback was little changed vs the EUR and CAD.

The USDCAD is virtually unchanged after their employment data came out mixed today. The unemployment rate was unchanged from last month. The employment change was negative by 2.8K vs expectations of a gain of 22.5K, but making it not so bad, is there was a gain of 61.6K in full-time jobs. The part-time jobs felt -64.4K.

The JPY was the strongest of the major currencies today and the weakest vs the AUD.

For the trading week, the USD was mixed vs the major currencies. The greenback rose vs the CHF and GBP, but fell vs the CAD, AUD and NZD as traders bounced back those risk off/commodity currrencies. The USD was little changes vs the EUR and the JPY.

• EUR: -0.09%
• GBP: +0.30%
• JPY: +0.11%
• CHF: +0.94%
• CAD: -1.02%
• AUD: -1.00%
• NZD: -0.79%

In the US debt market, the 2-year yield is closing near the high, while the longer end is trading near lows for the day as the yield curve gets flatter. For the week, the yields are closing higher after falls on Monday on the recession fears.

• 2-year yield 4.059%, +1.5 basis points. For the week, yields rose 17.3 basis points
• 5-year yield 3.797%, -3.5 basis points. For the week yields rose 18.0 basis points
• 10 year yield 3.943%, -5.3 basis points. For the week, yields rose 15.0 basis points
• 30-year yield 4.223%, -6.3 basis points. For the week yields rose 11.1 this point

Looking at other markets:

• Crude oil is trading near $77 up $0.81. For the week the price of oil rose 4.69%
• Gold rose $4.30 or 0.17% at $2430.75. For the week gold was near unchanged at -0.46%.
• Silver fell -9 cents or -0.33% at $27.44. For the week the price fell -3.84%
• Bitcoin is trading at $60,757. For the week, the price is up $2613 going into the weekend

IN the US equities, the major indices closed higher for the day, but although the sharp declines on Monday could not be fully recouped, most of the declines were recovered..

The S&P index was the closest to positive territory with a decline of -0.04% for the week. The NASDAQ index closed lower by -0.18%.

Thnak you for your support. Have a great weekend.

This article was written by Greg Michalowski at www.forexlive.com.

Both the S&P and NASDAQ indices are currently on pace for a negative close. If it remains that way, it would represent the fourth consecutive down week for each of those indices.

At current levels, the S&P at 5345.02 is marginally lower by -0.04% – nearly unchanged on the week. The close last week was 5346.55.

The NASDAQ index is negative by -0.18 at 16747.09. The close last week was 16776.16.

It will be close, especially for the S&P, but it will take a late week run higher to snap the losing streak.

This article was written by Greg Michalowski at www.forexlive.com.

For the trading week, the prices closing up $3.32 or 4.51%. The gain this week comes after four straight weeks of declines. The low price it this week reached $71.67 which was the lowest level since February 5. The price is also closing higher for the 4th consecutive day today

Geopolical tensions remain high in the Middle East as Israel awaits Iran’s response to last week’s assassination of a senior official in Hamas military group in Tehran. Higher-than-expected joint inflation also contributed to the better tone in trading today.

This article was written by Greg Michalowski at www.forexlive.com.

Tuesday August 13

• 9:30 PM ET: AUD Wage Price Index q/q (Estimate: 0.9%, Prior: 0.8%)
• 2 AM ET: GBP Claimant Count Change (Estimate: 14.5K, Prior: 32.3K), GBP Average Earnings Index 3m/y (Estimate: 6.5%, Prior: 6.9%)
• 8:30 AM ET USD Core PPI m/m (Estimate: 0.2%, Prior: 0.1%);USD PPI m/m (Estimate: 0.2%, Prior: 0.1%)

Wedneday August 14

• 10 PM ET NZD NZD Official Cash Rate (Estimate: 5.50%, Prior: 5.50%) RBNZ Monetary Policy Statement, Rate Statement, and
• 11 PM ET NZD Press Conference
• 2 AM ET GBP CPI y/y (Estimate: 3.0%, Prior: 3.0%)
• 8:30 AM meeting USD Core CPI m/m (Estimate: 0.2%, Prior: 0.1%);USD CPI m/m (Estimate: 0.2%, Prior: 0.1%)
• 3:30 PM ET: NZD RBNZ Gov Orr Speaks (Estimate: N/A, Prior: N/A)

Thursday August 15

• 9:30 PM ET AUD Unemployment Rate (Estimate: 4.1%, Prior: 4.1%); Employment Change (Estimate: 26.0K, Prior: 50.2K)
• 10 PM to CNY Industrial Production y/y (Estimate: 5.4%, Prior: 5.3%)
• 10 PM meeting CNY Retail Sales y/y (Estimate: 2.6%, Prior: 3.1%)
• 2 AM ET GBP GDP m/m (Estimate: 0.1%, Prior: 0.4%); GBP Prelim GDP q/q (Estimate: 0.6%, Prior: 0.7%)
• 8:30 AM ET USD Retail Sales m/m (Estimate: 0.3%, Prior: 0.0%); USD Core Retail Sales m/m (Estimate: 0.3%, Prior: 0.0%)
• 8:30 AM ET USD Unemployment Claims (Estimate: 239K, Prior: 233K)
• 8:30 AM ET USD Empire State Manufacturing Index (Estimate: -5.9, Prior: -6.6)
• 8:30 AM ET USD Philly Fed Manufacturing Index (Estimate: 6.6, Prior: 13.9)

Friday August 16

• 7:30 PM ET AUD RBA Gov Bullock Speaks
• 2 AM to GBP Retail Sales m/m (Estimate: 0.8%, Prior: -1.2%)
• 30 Amy to USD Building Permits (Estimate: 1.44M, Prior: 1.45M)
• today meeting USD Prelim UoM Consumer Sentiment (Estimate: 67.3, Prior: 66.4); USD Prelim UoM Inflation Expectations (Estimate: 2.9%, Prior: 2.9%)

As for the earnings calendar, HomeDepot, and Cisco highlight as most of the big names have already reported. Nvidia is still to come but won’t announce until August 28th.

Monday

Tuesday

• Before Open: ON Holding, The Home Depot

Wednesday

• Before Open: Dole, UBS
• After Close: Cisco

Thursday

• Before Open: Alibaba, Walmart, JD.com, John Deere
• After Close: Applied Materials, H&R Block

This article was written by Greg Michalowski at www.forexlive.com.

The next 20 years will be an unprecedented period for electricity build-out. The electrification of industrial capacity, automobiles, heating for houses, and other uses is driving unprecedented growth in the demand for electricity. On top of that, the world is adding data centers for Al and cloud computing at a stunning pace.

To put this in perspective, the global installed capacity for electricity is approximately 8,000 gigawatts. To meet expected demand, this installed capacity will need to expand to more than 20,000 gigawatts in the next 20 years. In addition, nearly half of what exists today will need to be retired, as it is very carbon-intensive. Said differently, we need to more than double the current capacity (which was largely built over the past 50 years) while also replacing approximately 50% of what we have. Nothing like this has ever been attempted, but it is essential in order to reach the world’s net-zero goals and drive the Al revolution.

All this needs to happen in a world where it’s never been tougher to build large projects due to costs, financing, liability, regulation and litigiousness. I envision a future where few can take steady electricity demand for granted and elections are regularly won by who can better keep the lights on.

See also: A perfect storm is about to hit global power grids

This article was written by Adam Button at www.forexlive.com.